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Coda Energy emerges as Coda Holdings bankruptcy finishes up

Coda Energy has been officially unveiled. As Coda Holdings, Inc., and its Coda Automotive electric carmaker subsidiary, has closed bankruptcy sale proceedings, the energy storage division is now ready for business.

Global investment management firm Fortress Investment Group has led a consortium of investors through the bankruptcy and is now the new owner of the technology, engineering and energy storage assets of Coda Holdings. it is also taking on all of its key contracts and partnerships, and all of it carries over to Coda Energy. The assets were acquired in a "Section 363" sale as bankruptcy proceedings that closed Friday, June 21.

Coda Energy basically takes the battery system that was built into Coda sedans and makes it suitable for generation, distribution and behind-the-meter work for utility, community and residential applications. Coda's energy storage system (ESS) combines its advanced batteries into modular towers, or what it calls The Coda Core, with proven battery and thermal management systems.

Grid storage is a market opportunity for Coda Energy. In San Diego, a Coda ESS is helping an apartment complex reduce peak electricity consumption and utilize excess solar power it generates during the day at nighttime. Two InterContinental hotels in San Francisco use the technology to reduce peak electricity consumption and lighten up the demand fees.

CODA Energy Takes the Next Step in Grid Storage

LOS ANGELES, June 25, 2013 /PRNewswire/ -- A consortium of investors led by global investment management firm Fortress Investment Group (NYSE: FIG) has acquired the core technology, engineering and energy storage assets of CODA Holdings, Inc., as well as its key contracts and partnerships, to form the foundation of a new company that will carry over the brand name CODA Energy. The assets were acquired from CODA Holdings' reorganization proceedings in a "Section 363" sale that closed on Friday.

CODA Energy designs and builds scalable energy storage solutions that support a smarter, cleaner and more reliable grid. Ed Solar and Pete Nortman will co-manage the company.

"CODA Energy will be laser-focused on engineering innovative products that help our end-users solve challenges in the field and realize a positive return on investment," said Solar and Nortman. "Our immediate priority is to ship products currently under contract and build strong relationships with strategic partners."

Flexible, Reliable and Safe

CODA's energy storage system (ESS) combines advanced batteries into modular towers or building blocks – The CODA Core™ – with proven battery and thermal management systems (BMS and TMS), all managed through a sophisticated power source controller. The systems are optimized for generation, distribution and behind-the-meter applications for commercial & industrial end users, and can be adapted for utility, community and residential applications.

CODA ESSs provide several benefits to end users in the field. In San Diego, a community-scale CODA ESS is helping an apartment complex reduce peak electricity consumption and utilize the excess solar power it generates during the day at night. In San Francisco, two InterContinental hotels use CODA ESSs to reduce peak electricity consumption and associated demand charges.

Grid Storage Market Poised for Growth

According to Lux Research, the global energy storage market will grow nine-fold to $10.4 billion by 2017. Navigant Research predicts the ancillary services market for energy storage will surpass $3.8 billion by 2023. Several factors contribute to this expected growth including the rapid emergence of grid-scale and distributed intermittent energy sources such as wind and solar power.

Policymakers and regulators view energy storage as a transformational technology that will significantly bolster the grid. Earlier this month, The California Public Utilities Commission (CPUC) proposed a 1.325 GW energy storage procurement target for the state's three investor owned electric utilities. The proposed decision could rapidly accelerate the deployment of advanced energy storage in one of the world's largest electricity markets.

Experienced Energy Industry Management

Ed Solar has more than twenty years of experience in the energy industry and has led the energy storage division within CODA Holdings since September 2011. Previously, Ed held senior positions at Arcadian Networks, Cellnet, CES International and Indus International, and served as an officer in the United States Navy. He holds a B.S. in Applied Science from the United States Naval Academy.

Pete Nortman has designed innovative hardware and software systems for more than 20 years and is a recognized expert in high voltage battery systems and battery management technology. Pete led the Core Technology engineering team at CODA Holdings after the company he co-founded, EnergyCS, was acquired by CODA Holdings in September 2011. At EnergyCS, Pete and his team developed advanced battery systems for stationary and mobile applications, including five 1 MW containerized grid-tied systems and the first commercially available plug-in Toyota Prius conversion. Prior to EnergyCS, Pete led advanced battery and high voltage system integration technology teams at AeroVironment and U.S. Electricar. He holds M.S. and B.S. degrees in Electrical Engineering from California Polytechnic State University, San Luis Obispo.

About CODA Energy

CODA Energy designs and builds scalable energy storage solutions that support a smarter, cleaner and more reliable grid. The CODA Core™ combines advanced batteries with proven battery and thermal management systems (BMS and TMS), all managed through a sophisticated power source controller. CODA energy storage systems are optimized for generation, distribution and behind-the-meter applications for commercial and industrial end users. CODA Energy professionals have deployed a combined 140 MW and 50 MWh of energy storage in stationary and mobile applications throughout their careers.

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You have to remember that Chinese companies don't think like US companies or US people. Americans can be shamed into things. For instance, A123 as an example. Americans look at that as a failure, yet it still exists, and sure China bought it, but it still has value and the chinese are only concerned with that. Sure, they have failures, but they don't let our politicians and the fake news media convince everyone there is a failure when that is an inaccurate evaluation of the situation. By the way, A123, the part owned by the Chinese is still A123. The smaller research arm and military contracts portion is the part that changed it's name. So, fisker if they survive can still buy A123 batteries, and the Chevy Spark EV can still use A123 batteries. I know everyone wants to say they failed, but "struggled" is probably more accurate since they still exist and they still make batteries and the factories are still open. Whether they will make any money is another question, but if they do, it will not be for american investors.

Anonymous

1 Year Ago

Do you see the products they offer at CODA Energy LLC? Fleets of electric vehicles which look just like the CODA I purchased in January. My vehicle intermittently losses power while driving down the road. I have been dealing with this problem since day one. CODA Automotive consistently rejects my requests to fix or repurchase the vehicle though I have recorded several of my experiences. And now they are hiding behind their bankruptcy. My local authorized CODA service company can not fix the problem largely due to the inability to get a CODA technician on the problem. CODA Energy LLC has the ability to continue to sell/lease these vehicles while I am stuck with an unreliable and dangerous mode of transportation.